To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

Session laws and resolutions passed by the General Assembly [1963-1965]

Ch. 628 1965—Session Laws
(b) to borrow money for such periods of time and upon such terms and
conditions as to rates, maturities, renewals and securities as the fiduciary
shall deem advisable from any trust created by the decedent, his spouse,
or any child of his, for the purpose of paying debts of the decedent, taxes,
the costs of the administration of the estate, and like charges against the
estate, or any part thereof, or discharging the liability of any fiduciary
thereof and to mortgage, pledge or otherwise encumber such portion of
the estate or any trust as may be required to secure such loan or loans
and to renew such loans.
"(12) Borrow Money. To borrow money for such periods of time and
upon such terms and conditions as to rates, maturities, renewals, and
security as the fiduciary shall deem advisable, including the power of a
corporate fiduciary to borrow from its own banking department, for the
purpose of paying debts, taxes, or other charges against the estate or any
trust, or any part thereof, and to mortgage, pledge or otherwise encumber
such portion of the estate or any trust as may be required to secure such
loan or loans; and to renew existing loans either as maker or endorser.
"(13) Make Advances. To advance money for the protection of the trust
or estate, and for all expenses, losses and liabilities sustained in the ad-ministration
of the trust or estate or because of the holding or ownership
of any trust or estate assets, for which advances with any interest the
fiduciary shall have a lien on the assets of the trust or estate as against
a beneficiary.
"(14) Vote Shares. To vote shares of stock owned by the estate or
any trust at stockholders meetings in person or by special, limited, or
general proxy, with or without power of substitution.
"(15) Register in Name of Nominee. To hold a security in the name
of a nominee or in other form without disclosure of the fiduciary relation-ship
so that title to the security may pass by delivery, but the fiduciary
shall be liable for any act of the nominee in connection with the stock so
held.
"(16) Exercise Options, Rights, and Privileges. To exercise all options,
rights, and privileges to convert stocks, bonds, debentures, notes, mortgages,
or other property into other stocks, bonds, debentures, notes, mortgages,
or other property; to subscribe for other or additional stocks, bonds,
debentures, notes, mortgages, or other property; and to hold such stocks,
bonds, debentures, notes, mortgages, or other property so acquired as in-vestments
of the estate or trust so long as the fiduciary shall deem advisable.
"(17) Participate in Reorganizations. To unite with other owners of
property similar to any which may be held at any time in the decedent's
estate or in any trusts in carrying out any plan for the consolidation or
merger, dissolution or liquidation, foreclosure, lease, or sale of the property,
incorporation or reincorporation, reorganization or readjustment of the cap-ital
or financial structure of any corporation, company or association the
securities of which may form any portion of an estate or trust; to become
and serve as a member of a stockholders or bondholders protective com-mittee;
to deposit securities in accordance with any plan agreed upon; to
pay any assessments, expenses, or sums of money that may be required
684

Ch. 628 1965—Session Laws
(b) to borrow money for such periods of time and upon such terms and
conditions as to rates, maturities, renewals and securities as the fiduciary
shall deem advisable from any trust created by the decedent, his spouse,
or any child of his, for the purpose of paying debts of the decedent, taxes,
the costs of the administration of the estate, and like charges against the
estate, or any part thereof, or discharging the liability of any fiduciary
thereof and to mortgage, pledge or otherwise encumber such portion of
the estate or any trust as may be required to secure such loan or loans
and to renew such loans.
"(12) Borrow Money. To borrow money for such periods of time and
upon such terms and conditions as to rates, maturities, renewals, and
security as the fiduciary shall deem advisable, including the power of a
corporate fiduciary to borrow from its own banking department, for the
purpose of paying debts, taxes, or other charges against the estate or any
trust, or any part thereof, and to mortgage, pledge or otherwise encumber
such portion of the estate or any trust as may be required to secure such
loan or loans; and to renew existing loans either as maker or endorser.
"(13) Make Advances. To advance money for the protection of the trust
or estate, and for all expenses, losses and liabilities sustained in the ad-ministration
of the trust or estate or because of the holding or ownership
of any trust or estate assets, for which advances with any interest the
fiduciary shall have a lien on the assets of the trust or estate as against
a beneficiary.
"(14) Vote Shares. To vote shares of stock owned by the estate or
any trust at stockholders meetings in person or by special, limited, or
general proxy, with or without power of substitution.
"(15) Register in Name of Nominee. To hold a security in the name
of a nominee or in other form without disclosure of the fiduciary relation-ship
so that title to the security may pass by delivery, but the fiduciary
shall be liable for any act of the nominee in connection with the stock so
held.
"(16) Exercise Options, Rights, and Privileges. To exercise all options,
rights, and privileges to convert stocks, bonds, debentures, notes, mortgages,
or other property into other stocks, bonds, debentures, notes, mortgages,
or other property; to subscribe for other or additional stocks, bonds,
debentures, notes, mortgages, or other property; and to hold such stocks,
bonds, debentures, notes, mortgages, or other property so acquired as in-vestments
of the estate or trust so long as the fiduciary shall deem advisable.
"(17) Participate in Reorganizations. To unite with other owners of
property similar to any which may be held at any time in the decedent's
estate or in any trusts in carrying out any plan for the consolidation or
merger, dissolution or liquidation, foreclosure, lease, or sale of the property,
incorporation or reincorporation, reorganization or readjustment of the cap-ital
or financial structure of any corporation, company or association the
securities of which may form any portion of an estate or trust; to become
and serve as a member of a stockholders or bondholders protective com-mittee;
to deposit securities in accordance with any plan agreed upon; to
pay any assessments, expenses, or sums of money that may be required
684